And Mr Tan, 61, the MD of Capital Dynamics Asset Management in Malaysia, has no interest in touching blue-chips which have fallen because of the global oil price crisis.

He says: "In Singapore, there are quite a number of cheap stocks. But they are cheap for a good reason. For rig builder Keppel Corp and Sembcorp Industries, I wouldn't want to touch these stocks. I bought Keppel in March 2009 at $4 a share. The stock is going to hit $4 very soon. But now, I wouldn't even buy it when it is trading at $4 because the economics of its business has changed. And for the longer term, it is not attractive."

Still, there is at least one Singapore-listed stock he has some love for -- China New Town Development.

The stock once traded at more than 60 cents in 2008 but now is going for about four cents.

"We are looking at China New Town Development. I am interested in it because it is not the usual property developer in China. It is more of a township developer. The company is not building on vacant land but is more of a redeveloper (that implements) policies of the Chinese government. If the local government has a shanty town and wants to redevelop it, it will partner China New Town Development," says Mr Tan.

At four cents, the stock has reached a major support line, which was established in 2011, according to Mr Tan's technical analysis team, which has a 'buy' recommendation on this counter and a target price of nine cents.

For the full two-page article by Kelvin Tan, buy The Edge for $5 at the newsstands.